Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development. If you enjoy NewsFlash, thank an
EDPA Partner.

Alabama statewide August home sales up 4 percent compared to one year ago

By ACRE Research

September 25, 2018

Sales: Statewide home sales totaled 5,862 units during August, up 3.5 percent from 5,664 sales in the same month a year earlier. August sales were up 2.5 percent compared to 5,722 sales in July. Results were 22.6 percent above the five-year August average of 4,782 sales. Two more resources to review:
Quarterly Report and
Annual Report.

Inventory: Homes listed for sale statewide during August totaled 24,165 units, a decrease of 11.4 percent from August 2017's 27,270 units, and a decrease of .4 percent from July 2018's 24,273 units. Statewide markets also experienced year-over-year a decline in months of supply. August's months of supply totaled 4.1 months, a decrease of 14.4 percent from August 2017's 4.8 months of supply. August's months of supply also decreased from the previous month's total of 4.2.

Innovation means job creation. The six startups vying for capital at the next
Alabama Launchpad competition on Thursday, Sept. 27, have the potential to do just that. Check out the innovative ways these Alabama startups hope to improve our everyday lives.

Do you have a startup concept or business that you want to take to the next level? Learn about
Alabama Launchpad's Startup Competition, a program of the Economic Development Partnership of Alabama (EDPA).

Alabama state and business leaders are visiting two eastern European nations this week on a five-day mission to open new markets.

Alabama Commerce Secretary Greg Canfield and representatives of seven companies are visiting Romania and Bulgaria this week, with meetings scheduled in Bucharest and Sofia.

The Alabama Commerce Department says state-based companies exported $6.8 million in goods to Bulgaria in 2017, an increase of nearly 1,400 percent from the previous year, while exports to Romania totaled $2.2 million last year, up more than 170 percent.

An Alabama university has received a multimillion-dollar federal grant.

Troy University received $3.2 million in grant money from the National Institute of Standards and Technology to establish the Center for Materials and Manufacturing Sciences. The grant is the largest ever received by the school within the science disciplines.

The three-year grant will enable the University to purchase lab research equipment, provide scholarships for students and provide support for research and the management of the center, which will be a part of Troy's School of Science and Technology. Moreover, the center will help prepare the next generation of the workforce for the industry.

So, what's an "app," what's a "hackathon," and why were Huntsville leaders so excited about both of them on Tuesday? Here's a short geek glossary to understand the interest in a $10,000 tech competition coming to the city in October.

An "app" used to be a small computer program downloaded onto a mobile device. For example, a GPS app to help you find the closest barbecue. Today, "app" can describe any software or technical product designed to solve any problem.

A "hackathon" is a software development competition with a time limit or a timeline. One of the biggest each year is NASA's 32-hour International Space Apps Challenge. It's global, and it challenges teams to use NASA data to solve specific challenges on Earth. This year's challenges haven't been spelled out yet.

NASA chooses a "Mainstage" for each year's challenge. New York City and Palo Alto, Calif., were last year's "Mainstages." This year, Huntsville is the Mainstage for the Oct. 19-21 event.

With up to $150,000 on the line and expert judges deciding the winners, this competition is high stakes for six early-stage companies. Beyond the competing startup teams, the event features a meet and greet and also a panel discussion. The night concludes with live music.